Ethereum Classic price analysis: ETC/USD drops below $7, but then peeks back up
- ETC/USD fell from $7.08 to $6.97 in the early hours of Friday.
- ETC/USD outperformed Bitcoin this Thursday.
Ethereum Classic had a bearish start to Friday wherein the price dropped from $7.08 to $6.97, going below the $7-level in the process. However, the bulls then managed to rally together and got the price back up to $7.03. The digital coin had a very bullish Thursday, where it ended up outperforming Bitcoin and going up from $6.79 to $7.08. The hourly breakdown of Friday so far shows that the bulls tried to recover after the bears took the price down to $7.01. However, the bears then took control and plunged the price down to $6.97, before a bullish rally got it back up to $7.03.
ETC/USD daily chart
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The daily price chart is trending in a triangular formation and above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows four straight bullish sessions of increasing intensity and the Elliott oscillator shows five consecutive bullish sessions of growing intensity.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
